Solutions pens $36.71mln deal with Saudi Telecom Company
Arabian Internet and Telecommunication Services Company (solutions) penned a SAR 138 million deal with Saudi Telecom Company (stc) on 8 December 2022. stc will provide solutions’ customers with normal and gold bulk-SMS service by connecting the latter’s devices to the short message service center (SMSC) of stc, according to a bourse filing. The 12-month agreement […]
Saudi-listed SABIC to pay 20% cash dividend for H2 2022
Saudi Basic Industries Corporation has announced a cash dividend of 20%, or SAR 2 per share, for the second half of 2022, the petrochemicals major said in a statement to the Saudi stock exchange. The company will pay 6 billion Saudi riyals ($1.60 billion) in dividends for H2 2022 to shareholders on April 2, 2023. […]
NWC to start work on $1.1bln Saudi desalination projects
Saudi Arabia’s National Water Company (NWC) is set to start work on a range of water desalination projects worth more than SR4.3 billion ($1.1 billion) covering key regions of Dammam, Al Khobar, Al Ahsa and Qatif. The project scope includes implementation of more than 316 km of conveyor and main lines, and the construction of […]
OPEC sticks to 2022, 2023 oil demand growth forecasts after downgrades
OPEC on Tuesday stuck to its forecasts for global oil demand growth in 2022 and 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China’s zero-COVID policy. Oil demand in 2023 will rise by 2.25 million barrels per day (bpd), […]
‘Polarisation in global dialogues threatens investments – KBW Ventures CEO
Extreme polarisation is permeating global dialogues, Prince Khaled bin Alwaleed, founder and CEO of KBW Ventures, told the Catalytic Philanthropy Forum in Abu Dhabi while discussing impact investing as a means for social good. He stressed that this was a risk seen through the lens of investing, in addition to lack of measured discourse and […]
Saudi-China deal sheet: Major agreements to boost two-way investments
China and Saudi Arabia have signed 35 investment agreements worth about $30 billion, during Chinese President Xi Jinping’s visit to the Kingdom, according to local media reports and press statements. The deals include several sectors such as green energy, technology and cloud services, transportation, logistics, medical industries, construction, and manufacturing. The agreements include the first […]
NCM: Rain to continue until Thursday; torrential rain may hit coastal areas of Makkah
The National Center of Meteorology (NCM) announced that Makkah and most other regions of Saudi Arabia would continue to receive moderate to heavy rains from Monday to Thursday, with the possibility of torrential rain and flash flooding on the coastal areas of Makkah. In its weather report, the center stated that the rainy weather condition […]
SAMI chief: Saudi Arabia to manufacture drones locally
Eng. Walid Abukhaled, CEO of the Saudi Arabian Military Industries (SAMI), said that the Kingdom is working on manufacturing drones locally, taking into account their significance in the current scenario. In his speech at the Saudi Budget Forum 2023, organized by the Ministry of Finance, here on Monday, he said: “If we look at globally, […]
Aramco Gulf Operation, Kuwait’s KGOC to develop Durra gas field
Saudi Aramco Gulf Operations Company has signed a memorandum of understanding (MoU) with Kuwait Gulf Oil Company (KGOC) to develop the joint Durra natural gas field, Reuters reported on December 11th, citing Saudi news agency (SPA). The MoU aims at producing 1 billion cubic feet of natural gas and 84,000 barrels of liquefied natural gas […]
Olive Rock Partners secures backing from Jada Fund of Funds
Olive Rock Partners, an independent GCC-focused private equity firm, founded and led by Muhannad Qubbaj and Abdullah Shahin, has secured backing from Saudi Arabia for their maiden private equity fund, Olive Rock Partners Fund I. Jada, a fund of funds, established by PIF, Saudi Arabia’s Wealth Fund to seed venture and private equity firms investing in the […]